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If your business is pursuing unpaid debt from another business or an individual, they may offer a partial payment as a lump sum and call it ‘in full and final settlement’. If your business accepts the payment on these terms, you may be relinquishing your right to recover the remainder of the debt they owe you.
A full and final settlement offer will always be below the full amount owed, so it’s important that your business understands the consequences of accepting this offer if you receive a full and final settlement letter from the debtor.
Sometimes, businesses believe that they are receiving a partial repayment of debt and don’t always see the full and final settlement wording on the letter, which can mean they unwittingly agree to write off the rest of the debt by accepting this offer. With the help of expert debt recovery services, you can be protected from issues like this, and advised on the circumstances under which accepting a full and final settlement agreement may be the most prudent action. Call our team on 0161 696 6170.
There may be some circumstances in which your business is owed money and the debtor is highly unlikely to able to repay the full amount at any stage. Depending on the specific details involved in this particular situation, the best possible outcome in terms of recovered funds may be to accept the offer, although this may also depend on the full and final settlement offer percentage that the debtor has put forward.
It’s recommended that you consult an experienced debt recovery solicitor, who will be able to offer tailored expert advice for your business, based on what is in your best interests. The cost consequences of agreeing to accept a full and final settlement payment should be balanced with a number of other factors and the team at Stephensons are ideally placed to support your business in this, as well as any other aspect of debt recovery. Get in touch by calling us on 0161 696 6170.
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